The Competition Commission of Singapore extends the scope of the “by object” category of anti-competitive agreements again and fines firms for pressurising competitor to withdraw rebates offered to customers (iFast)

On 17 March 2016, the Competition Commission of Singapore (CCS) issued an Infringement Decision against 10 undertakings for violating the section 34 prohibition against anti-competitive agreements (the Singapore analogue of Article 101EC). The undertakings (a group of Financial Advisers that sold life insurance products to their clients) had come together to place pressure on iFAST to withdraw an offer to give a 50% commission rebate for purchases of insurance products made on its online platform, Fundsupermart.com. iFAST is a securities dealer that sells life insurance products, unit trusts and Singapore Government Securities though Fundsupermart.com directly to retail customers. iFASTalso distributed these investment products through Financial Advisers (including the 10 undertakings

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  • National University of Singapore

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Burton Ong, The Competition Commission of Singapore extends the scope of the “by object” category of anti-competitive agreements again and fines firms for pressurising competitor to withdraw rebates offered to customers (iFast), 17 March 2016, e-Competitions Bulletin March 2016, Art. N° 78838

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